Section 2: Real Estate Title & Ownership
Escheat
The state takes property upon an owner's death if there is no will & no heirs exist.
demise
a transfer of property by lease
Cloud on Title
any claim, lien, or encumbrance that impairs title to property
condemnation
easement by eminent donmain
General Lien
encumbers ALL of debtor's property (i.e. court judgements, income, estate & inheritance taxes)
specific lien
encumbers only one property (mechanic's lien)
Partition's Suit
forces all parties to sell/buy if the all don't agree to sell/buy
statutory lien
is created by the state. A real estate tax lien, then, is an involuntary, statutory lien. It is created by statute without the property owner taking it on voluntarily
Actual Notice
known as a fact
What is an example of less-than-freehold estate?
lease
Title is the same as
ownership
Legal title Hint: Seller
ownership with right of possession
limited partnership
partnership in which only one partner is required to be a general partner and the rest can be limited partners
Quiet Enjoyment
right of owner or tenant to possession without interference
Equitable Tittle Hint: Buyer
right to legal tittle upon completion of a contract
Appurtenant Easement
right to use adjoining property that transfers with the land
Another term for sole ownership
severalty
Constructive Notice
should have known in other words what has the seller done to tell the world they own the property
Most common form of ownership
tenancy in common
Law of Latches
the court has the right to decide statute of limitations
who is responsible for providing clear title at closing?
the seller
alienation
to sell, transfer, or convey
deed
written document conveying title/ownership
How much notice does a tenant have to give a landlord?
30 days
How much notice does a landlord have to give tenants?
60 days
How many days from the date of completion do contractors have to place a mechanics lien on a property before their statute of limitations expires?
90 days
liens
A charge or claim which one person has upon the property of another as security for a debt or obligation
Deed in Partition
A deed issued by the court when property is sold at a partition sale for the purpose of dividing a joint tenancy or tenancy in common ownership.
Express Grant
Deed creates easement only - no title transfer
Granting Clause
Grants title, identifies parties and property
testimonium clause
Last section giving date and signatures
Government Limitations on Title Hint: PETE
Police Powers Eminent Domain Taxes Escheat
inquiry notice
Should have investigated
Servant Tenement
Suffers the burden of an easement
Abstract of Title
Summary of chain of title
Prescription Easement Hint: CON
"Hostile and Continuous Use" - EX: A worn path on personal property can be described as a
Habendum Clause
"to have and to hold" identifies estate granted
Commercial Easement in Gross
1) Attaches to a company 2) usually assignable 3) servient estate only
What two things have to be present for eminent domain to occur?
1) Just compensation 2) Taken for the good/use of the public
Easements in Gross
1) attaches to a person 2) non-assignable 3) servient estate only
What are three types of freehold estates?
1. Fee simple absolute 2. Fee simple defeasible 3. Life estate
Patent Deed
A deed given by the government to a private individual as evidence of transfer of title from government to the public person
Quitclaim Deed
A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.
Stigmatized Property
A property that has acquired an undesirable reputation due to an event that occurred on or near it, such as violent crime, gang-related activity, illness or personal tragedy. The event does not have to be disclosed but if asked about it you have to tell the truth.
Fee Simple Defeasible
A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur
Estate at Sufferance
A type of possession in which a tenant stays after the right to possess has terminated
Express Reservation
An easement created in a deed when a landowner is dividing the property, transferring the servient tenement but retaining the dominant tenement.
Adverse Possession requires that squatters use the property... Hint: CONE
Continuously Openly Notoriously Exclusively
General Warranty Deed
Deed that offers the most protection in which grantor fully warrants good clear title to the grantee
What leasehold estate is terminated by death or sale of property?
Estate at Will
Death does not terminate what kinds of Leasehold estates?
Estate for years & Periodic Tenancy
Down Zoning
High density to low density. No compensation for loss of value Commercial -> residential
buffer zoning
Land use zone that separates two otherwise incompatible land uses.
Title by Estoppel
Legal principle whereby a person may obtain title to real property over the apparent owner, because the apparent owner has failed to act in such a manner as to put everyone on notice as to his rights in the property. **No Takesies Backsies**
The termination of an easement can occur through
Necessity- the parcel no longer exists Dominant estate is abandoned servient estate is destroyed court order
Who signs the title in a real estate transaction?
No one!
Variance
Permission obtained from zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws; an exception from the zoning ordinances.
conditional use zoning
Results in the issuance of a zoning permit that allows a special use that is not in compliance with the surrounding local zoning already in effect but only if certain conditions are met
Color of Title
That which appears to be good title but which is not title in fact.
Seisin
The actual possession of land by one who claims rightful ownership of a freehold estate therein.
Special Warranty Deed
The grantor warrants against defects that have occurred after the grantor acquired title. (No warrantee forever-only for the time the grantor owns the property)
What are the four unties for automatic right of survivorship?
Time, Title, Interest, & Possession
Certificate of Title
Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance.
Bargain and Sale Deed
a deed that contains no covenants but does imply that the grantor owns the property being conveyed
bequest
a gift of personal property by will (AKA: Legacy)
License
a personal, non-assignable, revocable privilege
General Partnership
all partners have unlimited liability
Codicil
amendment to a will
Fee Simple Absolute
an estate in land that provides the owner with a complete set of legal rights, limited only by the powers of government
nuncupative will
an oral will
Encroachments
can be improvements or nuisances but are NOT covered by title insurance unless surveyed
Defeasible Estates
can be inherited but only if used for a specific purpose
Deed Restrictions
can include lot size, square footage of improvements, permissible uses, and parking restrictions
The process of eminent domain is
condemnation
Intestate
dying without a will
devise
gift of real property by will
Holographic Will
handwritten will
Bare Legal Title Hint: Lender
ownership without the right possession
Community Property
property acquired during marriage and owned equally by both spouses. GA does not recognize C.P
what lien is always paid first?
property tax & special assessment
Lis pendes (action pending)
recorded document that creates constructive notice that an action relating to a specific property has been filed in court
Easement
the legally & enforceable right to use another's land for some particular purpose, for an ongoing period of time
testor
the one who dead
Dominant Tenant
the owner of the land in an easement appurtenant who has the use (or benefits) from the easement.
Chain of Title
the record of a property's ownership
Eminient Domain
the right of government to take private property for public use
Marketable Title
title to real property that is free of reasonable doubt
Testate
to die with a valid will
Non-conforming use
when the use of a property predates current zoning ("grandfathered")
Police Powers
zoning regulations, building codes, and environmental regulations are all examples of